Why Companies are Losing Out as a Result of Slow Approvals Processes

It’s not uncommon for the end-to-end cycle times of approvals to take days, weeks, or even months to go through the requisite chain of command. A good example of this would be for a PO request. On average there are 4 or 5 approvers starting with a manager of finance who checks that all the submitted information is correct and consistent, before it advances to the requester’s supervisor, then on to a regional VP, and then perhaps even to the CFO, depending on the size of the PO.